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Restaurants and Food Services

The restaurants and food services industry has seen significant challenges in the last three years. COVID-19 restrictions made for an extremely difficult period that the industry is still recovering from. Today, inflation is causing food costs to rise and continue to decrease margins. Historically high interest rates are causing even more stress on leveraged businesses, which has forced many that survived the pandemic, to close their doors.

But growth and opportunity within the industry persists. According to Statistics Canada, the food services industry across Canada had gross revenue of $77 billion in 2019 (pre-pandemic), $56 billion in 2020, $66 billion in 2021, $83 billion in 2022, and $36 billion through the first five months of 2023 – on track to surpass the previous year’s total.

The growing restaurants and food services space is an environment bursting with potential and ripe for innovation. Keeping up with consumers needs isn’t always an easy or predictable task but it’s a worthwhile undertaking.

MNP’s Food and Beverage service line brings years of experience to clients in the industry, enabling their businesses to grow and transform as the conditions, and customers, demand.

How we can help


Ease Bookkeeping

Our Ease Bookkeeping service line offers businesses the opportunity to get the benefits of an all-in-one accounting and bookkeeping system at a fractional rate. As more restaurants look to cut costs, while maintaining a high level of accounting accuracy, fractional bookkeeping services give them the chance to incorporate all their accounting needs into one cloud-based program. 

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An MNP External Financial Advisor (EFA) adds an extra layer to our bookkeeping offerings, providing clients with strategic advice to help achieve financial and administrative goals. EFA’s are ideal for businesses who don’t have or don’t require a full-time executive finance role and can be utilized at a fractional rate to continue to control costs.


Strategic planning

MNP’s holistic approach to consulting enables restaurants and food services companies to gain insights into their businesses, develop strategic plans, and grow their operation with new insights and understanding. With an advisor’s support, business owners get a chance to see what it takes to grow and efficiently and effectively manage their operations, from help securing financing, expansion planning, and benchmarking to industry standards.

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Government funding

Government supports like the Canada Digital Adoption Program (CDAP) offer restaurants and food service businesses a chance to transform by integrating new technologies into their everyday operations. The Boost Your Business Technology Grant enables a business to work closely with an MNP advisor to develop a plan to spend the funding with support from an advisor throughout the process.

Market trends

While trends can be fleeting, not embracing the evolving needs of customers presents a significant risk. Knowing what the people want, even if they only want it for a year, is key to staying competitive.

Here are some key trends happening in the restaurants and food space right now:

  • Non-alcoholic beverages and mocktails
  • Uniquely designed, architecturally interesting spaces with impactful atmosphere and up-to-date technology 
  • Condensed menus featuring local, artisan ingredients and premium products 


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Contact Our Restaurants and Food Services Team

Brodie is a member of MNP’s Assurance and Accounting team in Toronto. Brodie leads the Firm’s Food and Beverage Processing and Cannabis groups in the Greater Toronto Area. He provides tailored business advice to private enterprise clients so they can focus on growth and long-term success.

Through building strong working relationships, Brodie gains an in-depth understanding of each client’s unique needs. He works one-on-one with private firms, with a particular focus on companies in the food manufacturing and processing sector, restaurants, cannabis licensed producers, and cannabis retail. His services include assurance, tax, external financial advisory, estate, and succession planning.

Brodie graduated from the College of the Holy Cross with a Bachelor of Arts (BA) in economics and accounting. He is a Chartered Professional Accountant (CPA).

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